CiGuPhar: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CiGuPhar
Largest movements
- Receivables within one year -€91,869
down €91,869 (-40.7%), from €225,939 to €134,070
of which Trade receivables: -€83,296
- Stocks and contracts +€25,850
new in 2025: €25,850
- Cash +€18,076
up €18,076 (+16.4%), from €110,068 to €128,144
mainly Receivables within one year (+€91,869) and Depreciation (+€14,554)
- Tangible fixed assets -€14,554
down €14,554 (-30.2%), from €48,147 to €33,594
of which Furniture and vehicles: -€12,000
- Tax, wage and social debts -€35,724
down €35,724 (-94.4%), from €37,848 to €2,124
- Trade debts -€30,962
down €30,962 (-12.4%), from €250,361 to €219,400
- Other debts +€13,130
up €13,130 (+29.0%), from €45,320 to €58,450
- Current portion of long-term debt -€10,264
no longer reported in 2025 (was €10,264)
- Profit (loss) carried forward +€5,741
up €5,741 (+18.6%), from €30,942 to €36,683
- Gross operating margin -€34,896
down €34,896 (-59.3%), from €58,869 to €23,972
- Taxes -€8,190
down €8,190 (-79.4%), from €10,314 to €2,124
- Other operating charges -€894
down €894 (-58.1%), from €1,538 to €644
- Financial charges -€611
down €611 (-40.2%), from €1,521 to €910
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €384,154 | €321,657 | -€62,497 | -16.3% |
| Fixed assets | 21/28 | €48,147 | €33,594 | -€14,554 | -30.2% |
| Tangible fixed assets | 22/27 | €48,147 | €33,594 | -€14,554 | -30.2% |
| Plant, machinery and equipment | 23 | €8,236 | €5,682 | -€2,554 | -31.0% |
| Furniture and vehicles | 24 | €39,912 | €27,912 | -€12,000 | -30.1% |
| Current assets | 29/58 | €336,007 | €288,063 | -€47,943 | -14.3% |
| Stocks and contracts in progress | 3 | - | €25,850 | +€25,850 | |
| Stocks | 30/36 | - | €25,850 | +€25,850 | |
| Amounts receivable within one year | 40/41 | €225,939 | €134,070 | -€91,869 | -40.7% |
| Trade receivables | 40 | €198,359 | €115,063 | -€83,296 | -42.0% |
| Other amounts receivable | 41 | €27,580 | €19,006 | -€8,574 | -31.1% |
| Cash at bank and in hand | 54/58 | €110,068 | €128,144 | +€18,076 | +16.4% |
| Total equity and liabilities | 10/49 | €384,154 | €321,657 | -€62,497 | -16.3% |
| Equity | 10/15 | €35,942 | €41,683 | +€5,741 | +16.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,942 | €36,683 | +€5,741 | +18.6% |
| Amounts payable | 17/49 | €348,212 | €279,974 | -€68,238 | -19.6% |
| Amounts payable after more than one year | 17 | €4,418 | - | -€4,418 | |
| Financial debts | 170/4 | €4,418 | - | -€4,418 | |
| Amounts payable within one year | 42/48 | €343,794 | €279,974 | -€63,820 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €10,264 | - | -€10,264 | |
| Trade debts | 44 | €250,361 | €219,400 | -€30,962 | -12.4% |
| Suppliers | 440/4 | €250,361 | €219,400 | -€30,962 | -12.4% |
| Taxes, remuneration and social security | 45 | €37,848 | €2,124 | -€35,724 | -94.4% |
| Taxes | 450/3 | €37,848 | €2,124 | -€35,724 | -94.4% |
| Other amounts payable | 47/48 | €45,320 | €58,450 | +€13,130 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,554 | €14,554 | = | 0.0% |
| Other operating charges | 640/8 | €1,538 | €644 | -€894 | -58.1% |
| Gross operating margin | 9900 | €58,869 | €23,972 | -€34,896 | -59.3% |
| Operating profit (loss) | 9901 | €42,777 | €8,775 | -€34,002 | -79.5% |
| Financial charges | 65/66B | €1,521 | €910 | -€611 | -40.2% |
| Recurring financial charges | 65 | €1,521 | €910 | -€611 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €41,256 | €7,865 | -€33,391 | -80.9% |
| Income taxes | 67/77 | €10,314 | €2,124 | -€8,190 | -79.4% |
| Profit (loss) for the period | 9904 | €30,942 | €5,741 | -€25,201 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,942 | €5,741 | -€25,201 | -81.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.